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China aiming to ban Bitcoin mining

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  • 7 months ago
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China’s state planner is aiming to ban Bitcoin mining throughout the country as the government applies further pressure on the cryptocurrency market.

China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, although these same activities were somewhat covered by a loophole.

The National Development and Reform Commission (NDRC) said it was seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate which it first published in 2011.

The draft for a revised list added cryptocurrency mining, including that of bitcoin, to more than 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.

It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said.

The public has until May 7 to comment on the draft.

 

 

Source: Smart Trend Team